Nifty Bank IndexLong
NIFTY AND BANK NIFTY ANALYSIS FOR 24 FEB 2023
23 Feb 2023 2040 Hrs.
1. US indices are bearish on a daily chart. All the indices are at crucial support level.
2. Europe is consolidating with a positive bias.
3. Asia is bearish.
4. India VIX has crossed 15 indicating volatility and bearishness.
5. SGX nifty is indicating 117 points up @17629. This amounts to 350 points up for bank nifty at 40350.
6. Nifty has closed above 17500. 200 SMA for Nifty is at 17350 levels which may act as strong support. Nifty has support at 17440 levels and resistance at 17620 levels. Any break of 17440 will be bearish.
7. bank Nifty has just closed above 40000. 200 SMA for Bank Nifty is at 39200 levels which is not very far. it will act as good support. 40200 has strong resistance for Bank Nifty. Bank Nifty has made inverse H&S pattern in 15 min chart. Any break of 40150 will be bullish for Bank Nifty for short term tgt of 40600.
8. HDFC Bank is looking bearish. It has strong Support at 1580-1590 levels. Any break of 1590 will be negative. we may see a short pull back to 1620 levels.
9. ICICI Bank has closed below 200 SMA. If it protect 840 level, then we may see a bullish move towards 851 levels.
10. Reliance has strong support at 2350 levels and may pull back but overall structure of reliance is negative.
Analysis.
1. Nifty is in a downtrend for past 5 days . it has consolidated and made a base today around 17500 - 17600 levels. But outlook for tomorrow is bearish.
2. Bank Nifty looks more bullish for a pull back. If it trades above 40160 levels, we may see a move towards 40400 - 40600 levels.
Trading Plan.
1. For tomorrow i remain bullish and look for a pull back.
2. I play Bank Nifty on bullish side if it opens flat and move above 41200 or gap up and consolidate around 41100 - 41200 levels.
3. I remain neutral to bullish on Nifty. IT and metals may drag Nifty.
4. Hence on Bullish side risk reward is favouring Bank Nifty.
5. However if Nifty start trading below 17440 and Bank Nifty below 39900 i will be bearish.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION TO ENHANCE YOUR KNOWLEDGE AND BETTER DECISION MAKING OF YOURS.
1. US indices are bearish on a daily chart. All the indices are at crucial support level.
2. Europe is consolidating with a positive bias.
3. Asia is bearish.
4. India VIX has crossed 15 indicating volatility and bearishness.
5. SGX nifty is indicating 117 points up @17629. This amounts to 350 points up for bank nifty at 40350.
6. Nifty has closed above 17500. 200 SMA for Nifty is at 17350 levels which may act as strong support. Nifty has support at 17440 levels and resistance at 17620 levels. Any break of 17440 will be bearish.
7. bank Nifty has just closed above 40000. 200 SMA for Bank Nifty is at 39200 levels which is not very far. it will act as good support. 40200 has strong resistance for Bank Nifty. Bank Nifty has made inverse H&S pattern in 15 min chart. Any break of 40150 will be bullish for Bank Nifty for short term tgt of 40600.
8. HDFC Bank is looking bearish. It has strong Support at 1580-1590 levels. Any break of 1590 will be negative. we may see a short pull back to 1620 levels.
9. ICICI Bank has closed below 200 SMA. If it protect 840 level, then we may see a bullish move towards 851 levels.
10. Reliance has strong support at 2350 levels and may pull back but overall structure of reliance is negative.
Analysis.
1. Nifty is in a downtrend for past 5 days . it has consolidated and made a base today around 17500 - 17600 levels. But outlook for tomorrow is bearish.
2. Bank Nifty looks more bullish for a pull back. If it trades above 40160 levels, we may see a move towards 40400 - 40600 levels.
Trading Plan.
1. For tomorrow i remain bullish and look for a pull back.
2. I play Bank Nifty on bullish side if it opens flat and move above 41200 or gap up and consolidate around 41100 - 41200 levels.
3. I remain neutral to bullish on Nifty. IT and metals may drag Nifty.
4. Hence on Bullish side risk reward is favouring Bank Nifty.
5. However if Nifty start trading below 17440 and Bank Nifty below 39900 i will be bearish.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION TO ENHANCE YOUR KNOWLEDGE AND BETTER DECISION MAKING OF YOURS.
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